Xiaomi to Start Sale of its First Electric Car from March 28

Confidence UbaniMarch 12, 20241 Mins read606

Beijing-based electronics giant Xiaomi has officially announced March 28 as the release date of its highly anticipated first electric vehicle (EV), the Speed Ultra 7 (SU7).

The firm’s CEO, Lei Jun, shared the news on the Chinese social media platform Weibo, revealing that deliveries will commence by the end of March.

Xiaomi’s foray into the EV market aligns with its vision to become one of the top five car manufacturers globally. In December 2023, Lei Jun stated that Xiaomi’s goal was “to become one of the world’s top five automotive manufacturers through 15 to 20 years of hard work.”

As a testament to its commitment, the Chinese company plans to invest $10 billion in its vehicles business over the next decade.

Xiaomi, the world’s third-largest smartphone manufacturer, diversified its product line to include tablets, smartwatches, headphones, and scooters. In 2021, the company revealed its strategic entry into the competitive electric vehicle sector.

The SU7 is a product of collaboration with Chinese auto giant BAIC. The partnership targets a production capacity of up to 200,000 vehicles annually. One of the unique selling points of the electric car is its shared operating system with its phones and devices. Xiaomi hopes that this will thrill its existing customers.

Following the announcement, the company’s shares surged nearly 10 per cent in midday trading on the Hong Kong Stock Exchange, where it is listed. This could mean investors are confident in the company’s entry into the electric vehicle market.

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